Ramsarup Lohh Udyog Limited has filed its DRHP with SEBI on 20th September 2007. It is planning to go for a Public issue of 3 crore equity shares of Rs. 10 each for cash at a premium which is to be decided later in the book building process. Net offer to the Public would be 2,70,00,000 equity shares which would constitute 39.17% of the fully diluted post issue paid up capital of the company.
BRLM to the issue are Microsec Capital Limited and Religare Securities Limited. Post IPO the shares would be listed on BSE and NSE.
Ramsarup Group founded in 1966, is engaged in manufacturing of various grades of steel wires and TMT Bars, and is one of the fastest growing groups catering to the power and infrastructure sectors in India. The group is aiming to consolidate its position in power and infrastructure sector by initiating steps towards organic and inorganic growth.
The group company sources steel billets for manufacture of steel wires and construction of steel products from Steel Authority of India, Tata Steel and others.
The company has now embarked upon an initiative to achieve complete backward integration by setting up an integrated steel plant at Kharagpur, West Bengal, to produce steel billets and wire rods. The net proceeds the issue would be used to finance the integrated steel plant at a cost estimated to be Rs.689.57 crores.